Loading data...

PEER COMPANIES

The 50-share Nifty index has been facing resistance around the 10,500 mark. Profit booking amid strong volatility dragged the index down last week, forcing it to take support at the 10,250 level.

For the week ended November 10, Nifty50 shed 130 points, or 1.25 per cent, to settle at 10,321, while the Sensex fell 371 points, or 1.10 per cent, to close at 33,314.

“Though a small correction from the current level cannot be ruled out, we won’t initiate shorts in the index and rather be on the sidelines for the next couple of sessions,” said Jay Purohit, Technical & Derivatives Analyst, Centrum Broking.

“We would be looking for reversal signs around the support zone of 10,170-10,250 at this juncture to initiate fresh longs. Buy on dips would be a prudent strategy for the coming week,” Purohit said.

Based on various brokerage recommendations, here are 15 stock strategies that can potentially deliver solid gains over the next 5-21 sessions:

Subash Gangadharan, Technical Analyst, HDFC Securities

Wonderla Holidays | Buy | Target price: Rs 424 | Stop loss: Rs 370 Last week, the stock broke out of the trading range between Rs 356 and Rs 375, in which it was trading for the past four weeks. In the process, the stock has closed at a five-month high. The counter trades above the 13-day and 50-day SMA. The daily momentum readings, too, are in rising mode and are not extremely overbought.

IDFC | Buy | Target price: Rs 67 | Stop loss: Rs 59.50 After correcting from a high of Rs 68 that the stock touched a few weeks back, IDFC found support near the Rs 59 level this week, which also corresponds to the 200-day EMA. The stock has bounced from these supports towards the end of the week, suggesting that it could move higher in the coming week. Technical indicators like the 13-day SMA and the 14-day RSI re giving encouraging signals.

Apollo Tyres | Buy | Target price: Rs 251 | Stop loss: Rs 228 This stock seems to have completed the Wave E of the leading diagonal i.e. a falling wedge. Generally, the stock rebounds post forming a leading diagonal pattern, hence a minimum of 38.2% retracement of the entire fall is expected which is also coinciding with the previous swing high. The target on the upside comes at Rs 251, whereas a stop loss can be placed at Rs 228.

Persistent Systems | Target price: Rs 700 | Stop loss: Rs 628 This stock has formed a symmetrical triangular pattern and it is likely to provide a breakout from it on the upside. The conservative target on the upside comes to Rs 700 whereas the stop loss level comes to Rs 628 i.e. the low of Wave A of the symmetrical triangular pattern. The hourly momentum indicators have provided a buy crossover and the daily is likely to provide a buy crossover too which is positive for the bulls in the short term.

Aditya Agarwala, Technical Analyst, YES Securities

Sadbhav Engineering | Buy | Target price: 340-360 | Stop loss: Rs 301 On the weekly chart, Sadbhav Engineering is approaching upper end of the Triangle pattern, breakout from the pattern can resume the uptrend. On the daily chart, it is on the verge of a breakout from a Flag pattern suggesting bullishness building up in the stock. Neckline of the pattern is placed at Rs 320; a sustained trade beyond the neckline on higher volumes can trigger bull trend reversal. The RSI has also broken out of the upper end of the Bollinger Bands after taking support at the 60 level, affirming bullishness. Stock can be bought in the range of Rs 315-320 for targets of Rs 340-360; keeping a stop loss below 301.

Cera Sanitaryware | Buy | Target price: Rs 3,720-3,900 | Stop loss: Rs 3,300 On the weekly chart, Cera Sanitaryware has broken out from a trendline resistance suggesting bullishness dominant in the stock. On the weekly chart, the RSI has taken support at the 60 level and turned upwards breaking out of the Bollinger Band squeeze portending to higher levels in the coming trading sessions. On the daily chart, it continues to form higher highs affirming bullishness. Stock can be bought in the range of Rs 3,430-3,490 for targets of Rs 3,720-3,900, keeping a stop loss below Rs 3,300.

Jay Purohit, Technical & Derivatives Analyst, Centrum Broking

UltratechCement | Buy| Target price: Rs 4,700-4,750 | Stop loss: Rs 4,320 At the end of October, Ultratech saw a breakout from the ‘channel’ pattern with healthy volumes. But follow-up buying was missing and the stock started moving in a sideways direction. The consolidation phase of last ten sessions has resulted into formation of a ‘Bullish Flag’ pattern on daily chart. On Friday, it broke out of the mentioned pattern with decent volumes. Since momentum oscillator ‘RSI’ is placed positively along with a set of moving averages, it is likely to rally towards the Rs 4,700-4,750 levels. Thus, long positions can be taken with a stop-loss of Rs 4,320.

Bajaj Auto | Buy | Target price: Rs 3550-3600 | Stop loss: Rs 3,095 Bajaj Auto is moving in a strong uptrend by maintaining ‘higher highs and higher lows’ on the weekly and monthly charts. The uptrend is so strong that all the small corrections get bought into quickly. Recently, the stock corrected by around six per cent and started rebounding from its support of ‘Super Trend’ indicator on the daily chart. Also, the ‘RSI’ oscillator turned northwards and moving in a bullish territory above 60 levels on both daily and weekly chart, indicating strength in the counter. “Considering current chart structure, we are anticipating a rally in the counter. Thus, traders are advised to buy the stock at current juncture and on declines to Rs 3,220 for a target of Rs 3,550-3,600 in coming weeks. The stop-loss for the trade can be kept at Rs 3,095,” Purohit said.

Karnataka Bank | Buy | Target price: Rs 167 | Stop loss: Rs 148 Price action in this counter was quite interesting in the past three sessions as it refused to go down and make new swing low along with market and appears to have bottomed out at Rs 153 suggesting that it is positioning itself for a decent bounce from current levels. Hence, positional traders should make use of this opportunity to go long for a target of Rs 167 with a stop of Rs 148, said Mohammad.

JK Tyres | Buy | Target price: Rs 167 | Stop loss: Rs 143 After hitting a life time high of Rs 186 in June 2017 this counter slipped into an intermediate downtrend in a well defined descending channel with multiple touch points. It appears that it has bottomed out after taking support around the 200-day moving average and broken of the said down sloping channel on much higher volumes. Hence, traders are advised to go for long positions for a target of Rs 167 with a stop loss at Rs 143, said Mohammad.

(Views and recommendations given in this section are the analysts' own and do not represent those of ETMarkets.com. Please consult your financial adviser before taking any position in the stock/s mentioned.)